MARA Holdings Secures $600M in Bitcoin (BTC) Acquisition Over Two Months

YEREVAN (CoinChapter.com) — MARA Holdings, a prominent player in cryptocurrency mining, acquired 6,484 Bitcoin between October 1 and Nov. 30, 2024. According to its filing with the U.S. Securities and Exchange Commission (SEC) on Dec. 2, the purchase totaled $618.3 million in cash. This acquisition brought Bitcoin into its reserves at an average price of $95,352 per coin.

The company’s recent acquisition reinforces its status as the second-largest corporate Bitcoin holder, behind MicroStrategy, as reported by BitcoinTreasuries. MARA Holdings continues to lead as the largest publicly traded crypto mining firm by market capitalization.

MARA Holdings SEC Filing. Source: SEC## $700 Million Convertible Notes Offering

MARA Holdings plans to raise $700 million through a private offering of convertible senior notes due in 2031. The company disclosed that proceeds would go toward purchasing additional Bitcoin and repurchasing existing convertible notes maturing in 2026.

MARA Holdings $700M Senior Notes Announcement. Source: MARA Holdings WEBConsequently, this approach aligns with MARA’s focus on maintaining its position as a major Bitcoin mining and holding enterprise.

MARA Holdings Urges U.S. to Act on Bitcoin Reserves

In addition, on Nov. 26, MARA Holdings called for the U.S. government to adopt a more proactive approach to Bitcoin reserves and mining. The firm emphasized that the accumulation of Bitcoin could safeguard the country’s economic and national security interests.

“The dollar is no longer directly backed by gold, yet holding substantial gold reserves remains a matter of national security,”

MARA stated. The company highlighted Bitcoin’s potential role as a strategic reserve in the event of declining global confidence in the U.S. dollar.

Mixed Bitcoin Strategy in 2024

In May 2024, MARA Holdings sold 390 Bitcoin, representing 63% of its monthly production of 616 BTC. This sale followed Bitcoin’s fourth halving event in April, which reduced the mining block reward from 6.25 BTC to 3.125 BTC.

Additionally, despite selling part of its mined Bitcoin earlier in the year, MARA Holdings continues its accumulation efforts, evidenced by the recent $600 million acquisition.

Above all, MARA Holdings remains at the forefront of Bitcoin mining and reserve accumulation while urging policymakers to recognize the strategic importance of Bitcoin for national interests.

MARA is the second-largest corporate Bitcoin holder. Source: BitcoinTreasuries